Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

Exercise humility and restraint.

I don't think you can have a better secretary of the Treasury than Hank Paulson.

We are in effect making a - to some extent, making a choice between future inflation and getting our - getting off the floor. And we're likely - we're likely to have more inflation in the future as a consequence of the things we do to fight the present situation.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.